Gevo, Biorecro partner to commercialize carbon removal credits from North Dakota site; shares fall

Shares of U.S.-based renewable fuels company Gevo GEVO.O falls 1.9% to $2.05 in extended trading

Company's unit signs agreement with Biorecro North America for the commercialization of carbon dioxide removal credits generated at the Gevo North Dakota facility

GEVO expects to generate about $26 million in revenues over five years with the option to expand the volumes under the transaction

Company says biogenic CO₂ is captured and securely stored underground at its North Dakota facility, enabling the generation of carbon removal credits

CO2 is a product that is often used in industrial applications, including the food and beverage industry or the petroleum production industry through enhanced oil recovery, or EOR

As of last close, shares are down 0.5% YTD